Norwegian subsea services player DeepOcean has moved to strengthen its offshore renewables offering, having struck a deal with Oslo-listed industrial group Endúr to acquire its engineering and technology unit, Installit.
Installit provides project management and engineering services in the marine and renewable energy industries for subsea cable installation and marine operations. The purchase price of NOK20.8 ($2.4m) million for 100% of Installit’s shares will be paid in cash, Endúr said in a stock exchange filing
DeepOcean’s emphasis on assisting and enabling the energy transition demonstrates this.DeepOcean’s engineering competence in key growth areas and increases our competence base within offshore renewables,” said Øyvind Mikaelsen, CEO of DeepOcean.
Installit will be integrated into DeepOcean, operate under the DeepOcean brand and establish DeepOcean’s engineering hub in Oslo, Norway.